WHEREAS, it is one of the country's declared policies to accelerate the development of our mining resources and attract foreign capital in the mining industry;

NOW, THEREFORE, I, FERDINAND E. MARCOS, President of the Philippines, by virtue of the powers vested in me by the Constitution, do hereby order and decree:

SECTION 1. Section 1 of Providential Decree No. 1352 as amended by Presidential Decree No. 1359 is hereby further amended to read as follows:

"SECTION 1. All importations which are at present totally or partially exempt from customs duties and/or internal revenue tax under the provisions of any general or special law shall be subject to a five (5%) percent customs duty and five (5%) percent internal revenue tax, subject to the same limitations and conditions prescribed under such law, if any.

"In the case of importations enjoying partial exemption, the said duty and tax shall be imposed on the exempt portion in addition to the duty and tax due on the taxable portion.

"The duty and tax imposed herein shall be computed in accordance with the applicable provisions of the Tariff and Customs Code of the Philippines, as amended, and the National Internal Revenue Code of 1977, as amended, respectively.

"The customs duty and internal revenue tax imposed under this section shall not apply to the following importations:

"1. Those which are exempt in pursuance of compliance with international treaties or commitments, such as the ADB-RP Host Agreement (1966); the 1947 Convention on Privileges and Immunities of the United Nations and its specialized agencies; the United States Agency for International Development-RP Agreement; the 1947 Military Bases Agreement; and other similar treaties or commitments;

"2. Those which are exempt under the following Presidential Decrees:

"(a) Presidential Decree No. 66;
"(b) Presidential Decree No. 87;
"(c) Presidential Decree No. 463;
"(d) Presidential Decree No. 529;
"(e) Presidential Decree No. 215;
"(f) Presidential Decree No. 666; and
"(g) Presidential Decree No. 972.

"3. Importations of machinery, equipment and spare parts shipped with such machinery and equipment made by enterprises registered with the appropriate government agency, on or before April 21, 1978, under any tax incentive law, subject to the following conditions:

"(a) That the importation has been authorized by the appropriate government agency for the prosecution of specific projects already approved by the said agency as of April 21, 1978; and

"(b) That the herein exemption shall not be authorized beyond December 31, 1981."

SEC. 2. This Decree shall take effect immediately.

Done in the City of Manila, this 11th day of June, in the year of Our Lord, nineteen hundred and seventy-eight.

 

(Sgd.) FERDINAND E. MARCOS
President of the Philippines

   

 

By the President:    

(Sgd.) JUAN C. TUVERA  

  Presidential Assistant